The six interior layouts range from 3,411 sf to 6,967 sf, and all units have full dining rooms, media rooms, terrace space and views of the ocean. Sale prices began at $1 million and reach to nearly $4.2 million.
The smaller Ibiza unit contains 3,724 sf "under air, not counting its terraces," Nancy Fox tells GlobeSt.com. She is director of sales for Colonial Realty, the developer's real estate arm, and is marketing Ibiza at $455 per sf or nearly $1.7 million. The remaining penthouse, which is the largest unit in the building, has 6,967 sf under air, plus 1,537 sf of terraces. The selling price is $601 per sf or almost $4.2 million. "These are very competitive prices for oceanfront residences," Fox says, adding that she expects to close on the two remaining units within the next couple of weeks.
At that time, Fox will implement a "re-sale program," not uncommon at condominium developments here. Under the program, Fox begins marketing units for owners who either purchased them for investment or "whose lives and plans changed," she says, confirming that, in South Florida's high-demand residential market, condo buyers can flip a unit at a profit before the building is even completed. Europa-by-the-Sea is expected to reach completion in March 2006.
Asked how high the unit prices are expected to rise at re-sale, Fox says, "I don't have a crystal ball, but this is the third building I've marketed within a three-mile radius and have seen some prices rise some 20% to 30% a year. This is oceanfront property."
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